SAMA: 35% growth in residential new mortgages in January

SAMA: 35% growth in residential new mortgages in January

RIYADH “” Residential new mortgage loans for individuals registered a new historical performance with increase of 32,811 contracts in January 2021. The total value of mortgages raised to SR16.4 billion.The number of new contracts has grown 35% and 60% in value comparing to January 2020, according to the monthly report issued by Saudi Central Bank (SAMA).The mortgages provided by real estate financing institutions and banks last month increased 8% in contracts compared to December 2020 and 4% in value. SAMA report pointed out that mortgage loans in December 2020 recorded 30,520 contracts valued SR15.8 billion.SAMA report revealed that 98% of newly mortgages concluded through banks, while 2% of them through financing companies. In January 2021, 79% of the fund provided by banks and financing companies is for residential villas, apartments (15%), and lands (6%).Mortgage in 2020 was an outstanding performance. It was 295,590 contracts with a value of SR140.7 billion, which equal the four years (2019, 2018, 2017 and 2016).In 2019 mortgage jumped 3 times in a historical performance with 179,217 contracts